TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth Index and returned 6.03% (gross), and the index return was 4.72%. For the full year, the strategy return was -25.06% (gross) compared to a -26.21% return for the benchmark. The relative weakness in the Information Technology and Energy sectors in the quarter was offset by strength in the Financials, Consumer Discretionary, Health Care, and Industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Small/Mid Cap Growth Strategy highlighted stocks like Axon Enterprise, Inc. (NASDAQ:AXON) in the Q4 2022 investor letter. Headquartered in Scottsdale, Arizona, Axon Enterprise, Inc. (NASDAQ:AXON) is a conducted energy devices manufacturer. On March 23, 2023, Axon Enterprise, Inc. (NASDAQ:AXON) stock closed at $215.72 per share. One-month return of Axon Enterprise, Inc. (NASDAQ:AXON) was 11.45%, and its shares gained 62.57% of their value over the last 52 weeks. Axon Enterprise, Inc. (NASDAQ:AXON) has a market capitalization of $15.718 billion.
TimesSquare U.S. Small/Mid Cap Growth Strategy made the following comment about Axon Enterprise, Inc. (NASDAQ:AXON) in its Q4 2022 investor letter:
“Gaining 43% was Axon Enterprise, Inc. (NASDAQ:AXON), the manufacturer of non-lethal Taser stun guns and body cameras, as well as a provider of other services for law enforcement. At a law enforcement conference early in the quarter, the company also presented to analysts and discussed future avenues for the application of its technology to reduce handgun usage by police. In addition, Axon’s new CFO reiterated the company’s focus on further improving its margins. The company followed that mid-quarter by reporting revenues, earnings, and forward guidance that surpassed expectations. Sales grew significantly across all divisions and margins were better than expected. We trimmed our position on that strength.”
Axon Enterprise, Inc. (NASDAQ:AXON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Axon Enterprise, Inc. (NASDAQ:AXON) at the end of the fourth quarter which was 27 in the previous quarter.
We discussed Axon Enterprise, Inc. (NASDAQ:AXON) in another article and shared the list of best aerospace stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 14 Best Dividend Aristocrat Stocks To Buy Now
- Graham Stephan Stock Portfolio: 10 Stock Picks
- 15 Most Promising Long-Term Stocks
Disclosure: None. This article is originally published at Insider Monkey.
